News

25 November 2010
Press release
Supervision instruments

FINMA publishes revised circulars on capital adequacy and risk diversification

FINMA will put the revised circulars on credit and market risks, disclosure, and risk diversification for banks into effect on 1 January 2011. It is thereby adapting its implementing provisions for the Ordinance on Capital Adequacy and Risk Diversification, which has recently been revised by the Federal Council.

On 14 July FINMA opened the consultation period for the draft revisions of the following four circulars: FINMA Circ. 08/19 "Credit risks – banks", FINMA Circ. 08/20 "Market risks – banks", FINMA Circ. 08/22 "Capital adequacy disclosure – banks", and FINMA Circ. 08/23 "Risk diversification – banks". Based on the insights gained during the financial crisis, the revision aimed at adjusting the internationally indisputable regulatory deficits in capital requirements for proprietary trading, securitisations and risk diversification. In terms of content, the revision draws on the amended Basel II minimum standards for capital adequacy set by the Basel Committee and the modified EU minimum standards for risk diversification.

The consultation period resulted in an overall positive echo to the modifications proposed. Subsequently, the current definitive circulars do not differ greatly from the draft revisions submitted for the consultation period. Only in respect of certain transitional provisions on disclosure are there certain noteworthy changes. Here FINMA will adopt the EU time schedule to avoid competitive disadvantages. All four revised circulars relate to the Ordinance on Capital Adequacy and Risk Diversification revised by the Federal Council on 10 November 2010 and will enter into force along with the revised Ordinance on 1 January 2011.

Contact

Tobias Lux, Media Spokesperson, Phone +41 (0)31 327 91 71, tobias.lux@finma.ch

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